China's insurance sector reports adequate solvency-Xinhua

China's insurance sector reports adequate solvency

Source: Xinhua

Editor: huaxia

2022-12-08 14:55:00

BEIJING, Dec. 8 (Xinhua) -- China's insurance sector maintained steady operation and adequate solvency in the first three quarters of this year, the country's banking and insurance regulator said.

The average comprehensive solvency ratio of the 181 insurers reviewed at a regulatory meeting was 212 percent by the end of September, and their average core solvency ratio was 139.7 percent, said the China Banking and Insurance Regulatory Commission.

The sector's solvency ratio has remained within an appropriate range, and the risks are generally controllable, the commission added.

Specifically, the average comprehensive solvency ratio of property insurance companies, life insurance companies and reinsurance companies stood at 238.9 percent, 204 percent and 309.1 percent, respectively.

The solvency ratio is a key metric of an insurer's ability to meet its debt and other obligations.

The commission said it will tighten oversight on the sector to fend off financial risks.